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03.03.202109:13 Forex Analyse & Reviews: USDCAD below descending trendline resistance! Further drop incoming!

Exchange Rates 03.03.2021 analysis

Price holding below descending trendline resistance. A further drop below 1st resistance at 1.26594 towards 1st support at 1.26031 can be expected. Technical indicators are showing room for further bearish downside as well..

Trading Recommendation

Entry: 1.26594

Reason for Entry:

61.80% Fibonacci retracement, descending trendline resistance

Take Profit: 1.26031

Reason for Take Profit:

Graphical swing low

Stop Loss: 1.26981

Reason for Stop Loss:

Graphical swing high

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Uitgevoerd door Dean Leo,
Analytische expert
InstaForex Group © 2007-2021
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